Oil & Gas News
Read news articles, blogs and press releases about the oil and gas industry and sustainability issues such as carbon emissions, chemicals and toxins, water scarcity and fossil fuels.
Exxon, Chevron Face Unprecedented Investor Pressure Over Climate Change Disclosure
May 25, 2016
- A month after world leaders came together to sign the historic Paris Agreement, cementing a promise to keep the Earth from warming more than 2 degrees Celsius, a record number of shareholder groups have backed proposals that would require Exxon Mobil and Chevron to say how they would adjust to that reality.
Exxon Investors Seek Assurance as Climate Shifts, Along With Attitudes
May 25, 2016
- Exxon Mobil has been under pressure for over a year to explain its handling of climate change issues in the past. Now the company faces new pressure to explain its future, particularly how it will change in response to a warming world.
New Ceres Report: U.S. insurance sector heavily invested in fossil fuel sectors, despite growing awareness of climate change risks
May 24, 2016
- Many leading U.S. insurance groups are significantly invested in oil & gas and other fossil fuel industries, even as these sectors face growing pressure from the global clean energy transition and physical impacts associated with climate change, according to a first-of-its-kind report announced today.
Investors want Exxon to account for climate change
May 24, 2016
- The annual meetings of ExxonMobil and Chevron are set to happen on Wednesday. One thing shareholders will vote on is whether the companies need to perform and publish stress tests of earnings as efforts to fight climate change affect fossil-fuel use.
EPA Issues Final Rules Cutting Oil, Natural Gas Methane Emissions
May 12, 2016
- The Environmental Protection Agency on Thursday issued the first-ever federal standards aimed at curbing methane emissions from the oil and natural gas industry, the latest in a series of regulations the Obama administration is pursuing in an effort to clamp down on greenhouse-gas emissions from fossil fuels.
Ceres Commends EPA for First Ever National Rule Today on Methane Pollution
May 12, 2016
- As the clean energy transition continues to pick up steam globally in the wake of the Paris Climate Agreement, the nonprofit sustainability Ceres and major investors and companies welcomed today’s commitment from the U.S. Environmental Protection Agency to significantly cut methane emissions from the oil and gas industry.
Ceres Conferees Sing New Tune on Oil, Climate
May 12, 2016
- The Ceres Conference, which brings together players from the corporate and environmental communities, has become an annual temperature-taking ritual for those concerned about how companies are responding to issues of climate change and sustainability.
‘Climate Risk’ Proposals Gaining Steam
May 11, 2016
- Shareholder resolutions urging Exxon Mobil and Chevron to disclose more information about how they would be affected by climate policies are gaining support. Climate-related resolutions have never exceeded 35% in votes at the annual meetings of Exxon or Chevron but investors are increasingly interested in assessing the risk that climate could pose to their portfolios.
Statement on the Occidental Shareholder Vote
May 09, 2016
- Momentum is building in the U.S. for better climate disclosure. Investors and analysts continue to send strong signals that Paris marked a turning point on climate action. On Friday, Occidental Petroleum announced the results of voting on a 2 degree stress testing resolution at its annual meeting, and yet again the votes represented a high-water mark on investor support for climate risk reporting in the U.S. reaching 48.99% of votes cast.
Shareholder pressure mounts on downgraded ExxonMobil
Apr 28, 2016
- A growing list of major investors is backing calls on ExxonMobil to acknowledge climate risk, after its credit rating was downgraded on Tuesday. British insurer Aviva and Seattle’s public pension fund are among the latest to declare their support for a shareholder resolution to be considered at next month’s AGM. California’s CalPERS, New York City Pension Fund and the Church of England are also in favour.
Investors Worth $3.6 Trillion Support Joint U.S. and Canadian Announcement on Limiting Methane Emissions from the Oil and Gas Industry
Apr 20, 2016
- As attention turns to the Paris Agreement signing ceremony on Friday, leading global investors, representing $3.6 trillion in assets under management, released a statement of support today for U.S. and Canadian efforts to limit methane emissions from the oil and gas sector. This represents more than a doubling of support since July 2015.
Even Saudi Arabia Is Preparing For The End Of Oil
Apr 04, 2016
- The world’s dependence on oil is fading, and Saudi Arabia doesn’t want to get left behind. The kingdom will build a $2 trillion sovereign wealth fund to slowly but unmistakably transform its economy for a post-oil world, Bloomberg reported Friday morning.
Major brand companies across industries filing legal brief supporting EPA’s Clean Power Plan
Apr 01, 2016
- Four global brand companies with significant energy footprints in nearly every state in the country are filing an amicus brief today in the U.S. Court of Appeals for the D.C. Circuit supporting the U.S. Environmental Protection Agency’s Clean Power Plan aimed at reducing carbon pollution from the nation’s electric sector.
Exxon Must Hold Shareholder Vote on Climate Change Resolutions, SEC Says
Mar 28, 2016
- One measure calls on Exxon to take moral responsibility for climate change and adopt a policy to limit average global temperature increases. A second would compel the oil giant to explain how its business would be affected by the worldwide commitment to slowing climate change. They are among seven resolutions on global warming proposed for Exxon's May 25 annual meeting.
Shareholders Press Suncor on Climate Policy and Political Lobbying
Mar 17, 2016
- Shareholders are pushing Canada’s dominant oilsands player to provide more detail on two sticky topics: its plans to thrive under tougher climate policy and its political lobbying.
Ceres Commends U.S.-Canadian Agreement on Climate and Energy and the Arctic
Mar 10, 2016
- Investors and companies are concerned that methane emissions pose a serious threat to climate stability, accelerating the rate of warming in the near term and threatening infrastructure and economic harm. Curbing this air pollution from existing sources as well as new facilities will help confront climate change while also promoting economic growth and regulatory clarity.
Investors Raising Heat on Fossil Fuel Companies and Their Strategies for Emerging Low-carbon Economy
Mar 07, 2016
- On the heels of a historic global climate agreement in Paris, investors have filed a record number of shareholder resolutions this year with major U.S. energy companies asking them to disclose their strategies for competing in a global economy that is shifting towards clean energy and away from fossil fuels.
Warren Buffett Is Wrong About Climate Change
Feb 29, 2016
- In an annual letter to investors in his conglomerate Berkshire Hathaway, Warren Buffet fought back against a proposed shareholder resolution demanding his insurance subsidiaries measure and disclose the risks that climate change poses to their business and how the company is responding to the threat.
In Exxon's Latest Annual Report, It's Business as Usual on Climate Change
Feb 26, 2016
- ExxonMobil's annual report to stockholders this year may be more noteworthy for what the fossil fuel giant didn't say about global warming than for what it did say. In the document's legally mandated discussion of risks to the business, Exxon didn't disclose that the New York State attorney general is investigating whether the company violated shareholder and consumer protection statutes in its communications about climate change over almost four decades.
Shareholders Ask the SEC: Stop ExxonMobil’s Attempts To Block Climate Resolutions
Feb 26, 2016
- Now is just not a good time to be ExxonMobil. Five shareholders, led by New York state’s comptroller, asked the U.S. Securities and Exchange Commission to reject the oil giant’s plan to block a climate change shareholder resolution. Filed in December, the shareholder resolution requests that by 2017 Exxon publish an “annual assessment of long-term portfolio impacts of public climate change policies.”